GSK plc (GSK): BCG Matrix [Dec-2025 Updated]

You're looking for a clear map of where GSK plc is generating its cash and where it's placing its big bets for the future, and honestly, the BCG Matrix is the defintely right tool for that job. As of late 2025, the picture shows a company powered by Stars like Cabenuva, which saw a 46% sales jump in Q2, and the Oncology segment surging 42%, while the reliable Cash Cows, led by Shingrix's £0.9 billion in Q1 sales, keep the engine running. Still, we must watch the Dogs, like the declining Seretide/Advair, and the high-stakes Question Marks, such as the late-stage Depemokimab awaiting a crucial US regulatory decision in December 2025, which will shape the next decade. Dive in below to see the precise placement of every major asset to understand where GSK needs to invest, hold, or divest right now.

Background of GSK plc (GSK)

You're looking at GSK plc (GSK) as of late 2025, a global biopharmaceutical company that focuses its efforts across specialty medicines, vaccines, and general medicines. Honestly, the momentum coming out of the third quarter of 2025 definitely suggests a strong year for the firm.

For the third quarter of 2025, GSK reported total sales hitting £8.5 billion, which was a 7% increase compared to the same period last year when looking at the actual exchange rates (AER), or 8% growth at constant exchange rates (CER). This performance led the company to upgrade its full-year guidance, now expecting total turnover growth for 2025 to be between 6% to 7%, up from the earlier forecast of 3% to 5%.

The engine driving this growth is clearly the Specialty Medicines division. In Q3 2025, this segment saw sales jump by 16%. Within that, you see strong double-digit growth across the board: Respiratory, Immunology & Inflammation was up 15%, HIV sales grew by 12%, and Oncology saw a massive 39% increase. The cash generation has been very positive too, with £6.3 billion generated from operations year-to-date in 2025, supporting shareholder returns.

Now, the Vaccines segment showed more modest growth in Q3 2025 at 2%, bringing in £2.7 billion in sales. Key products here included Shingrix at £0.8 billion (up 13%) and Meningitis vaccines at £0.5 billion (up 5%). On the other hand, the General Medicines division posted £2.5 billion in sales, a 4% increase, with Trelegy contributing £0.7 billion and growing 25%.

Financially, the Q3 results showed core operating profit growth of 11% and core EPS growth of 14%, reaching 55p per share. Looking ahead, the company has a long-term ambition, maintaining its outlook for sales to exceed £40 billion by 2031. Plus, the company is making big bets on its future, committing $30 billion toward U.S. R&D and manufacturing capacity. It's an interesting time, as CEO Emma Walmsley is set to transition leadership to Luke Miels early next year.

GSK plc (GSK) - BCG Matrix: Stars

The Stars quadrant in the Boston Consulting Group (BCG) Matrix represents GSK plc's business units or products that command a high market share within a high-growth market. These assets are market leaders that require substantial investment to maintain their growth trajectory and market position, often resulting in cash flow that is reinvested back into the business.

For GSK plc as of the latest reported figures in 2025, the following products clearly fit the Star profile due to their exceptional growth rates and leadership in expanding therapeutic areas:

• High Growth & Market Share: These products are driving the Specialty Medicines segment, which grew 15% in Q2 2025, now accounting for £3.3 billion in sales for the quarter.
• Investment Focus: GSK plc is actively investing in these areas, as evidenced by the upward adjustment of its full-year 2025 guidance, driven by the strength of these specialty assets.
• Future Cash Cows: Sustaining this success means these Stars are positioned to become the next generation of Cash Cows when their respective high-growth markets mature.

The performance metrics for these key Stars in the second quarter of 2025 demonstrate their leading status:

The HIV portfolio, heavily weighted by long-acting treatments, is a prime example of a Star cluster. Total HIV sales reached £1.9 billion in Q2 2025, growing 12% at constant exchange rates (CER). Long-acting medicines, including Cabenuva and Apretude, contributed more than 70% of this total HIV growth in the quarter.

The Oncology segment is also firmly in the Star quadrant, with specialty segment sales surging 42% in Q2 2025 to reach £484 million. This growth is concentrated in newer assets:

• Jemperli sales were £196 million, marking a 91% increase.
• Ojjaara sales were £138 million, reflecting a 69% increase.

Even the Arexvy RSV vaccine, while having lower absolute sales at approximately £100 million in Q2 2025, showed robust growth of 13% CER, indicating it is operating in a high-growth market category, which is a key characteristic of a Star. Its uptake is supported by positive recommendations, such as the CDC confirmed ACIP recommendation for adults aged 50-59 at increased risk in the US.

To be fair, the high growth rates for these products mean they consume significant resources for promotion and placement to capture market share, which is why they are not yet classified as Cash Cows. Finance: draft 13-week cash view by Friday.

GSK plc (GSK) - BCG Matrix: Cash Cows

Cash Cows, in the Boston Consulting Group (BCG) framework, represent the bedrock of GSK plc's financial stability. These are your established products, holding a high market share in mature therapeutic areas, but exhibiting low overall market growth prospects. They generate significantly more cash than they consume, which is crucial; this excess capital funds the riskier Question Marks and supports the Stars. You want these assets to be market leaders because they provide the necessary liquidity to service corporate debt, fund the next generation of research and development (R&D), and maintain shareholder returns, like the declared dividend of 16p per share for Q2 2025.

Shingrix (Shingles Vaccine) is the quintessential example of a high-volume Cash Cow for GSK, despite some recent market fluctuations. This product has a dominant market position, which translates directly into massive, reliable cash flow. For instance, in the first quarter of 2025, Shingrix delivered sales of £0.9 billion. While Q3 2025 saw sales of £830 million, this still represented a healthy year-over-year growth of 13% at constant exchange rates (CER), suggesting the underlying demand remains robust even as the market matures or faces temporary headwinds, such as supply dynamics in China.

Next, consider Trelegy (COPD/Asthma), an established respiratory medicine that functions as a steady generator within the General Medicines segment. For the second quarter of 2025, Trelegy achieved sales of £835 million, accompanied by a stable, moderate growth rate of 4%. To be fair, the growth rate accelerated significantly in the third quarter, hitting £736 million and growing by 25%, which might suggest the market isn't as mature as initially assessed, or that recent commercial efforts are paying off handsomely. Still, its established position keeps it firmly in the Cash Cow quadrant for now.

Within the HIV portfolio, Dovato acts as the largest product, consistently delivering substantial cash flow. In Q2 2025, Dovato was reported to have sales of £655 million, growing by 23% in that quarter, making it a key driver within the Specialty Medicines segment. This strong performance, alongside the growth in long-acting injectables, helps maintain the overall HIV segment's double-digit sales growth, which was 12% in Q3 2025.

The Vaccines Portfolio (Overall), excluding the high-growth newcomer Arexvy, represents a mature, high-share segment expected to be broadly stable for the full year 2025, with guidance pointing toward a decrease of a 'low single-digit percent to broadly stable'. This stability is underpinned by the consistent performance of its core assets. For the third quarter of 2025, the segment brought in £2.7 billion in sales, a 2% increase year-over-year. This segment provides the necessary predictable cash base for GSK's operations.

Here is a quick look at the recent financial contributions from these key Cash Cow products:

The strategic imperative for you, as you review GSK's portfolio, is to ensure these Cash Cows continue to operate at peak efficiency. The focus shifts from aggressive market share capture to maximizing margin and minimizing unnecessary expenditure. You should defintely look for opportunities to improve infrastructure supporting these products to further boost cash flow.

• Maintain current productivity levels through targeted efficiency investments.
• Invest minimally in promotion and placement; the market share is already established.
• Use the high cash generation to fund Stars and Question Marks.
• Ensure operational infrastructure investments increase cash flow, not just maintain status quo.
• Protect market leadership through disciplined, focused defense strategies.

GSK plc (GSK) - BCG Matrix: Dogs

Dogs are business units or products characterized by low market share in low-growth markets. These assets tie up capital without generating significant returns, making divestiture a common strategic consideration for GSK plc.

Seretide/Advair (Respiratory)

The older respiratory franchise, including Seretide/Advair, is clearly positioned as a Dog, facing intense generic erosion despite the overall Respiratory, Immunology & Inflammation segment showing growth, largely driven by newer assets like Trelegy.

Specific performance data for Q3 2025 year-to-date (YTD) shows the impact of this maturity:

While Trelegy sales grew by 25% at constant exchange rates (CER) in Q3 2025, the legacy Seretide/Advair YTD sales were £615m, declining by 23% AER. The overall Respiratory, Immunology & Inflammation unit within Specialty Medicines grew 15% CER in Q3 2025, indicating newer products are masking the decline of the older core.

General Medicines Portfolio

The General Medicines segment houses many mature, off-patent drugs whose sales trajectory is generally flat or declining, despite the strong performance of the anchor product, Trelegy. This segment is a prime example of a low-growth market where GSK plc holds a relatively low share for the majority of its products.

• General Medicines sales decreased by 6% in Q2 2025.
• In Q3 2025, General Medicines sales were £2.5 billion with a 4% CER growth, driven by Trelegy.
• The remainder of the portfolio outside of Trelegy saw sales decreases due to continued generic competition.

Legacy HIV Treatments

Within the high-growth HIV portfolio, the older antiretroviral treatments are the Dogs, as pricing power erodes and the market shifts toward long-acting injectables. The growth is concentrated in the newer, premium-priced therapies.

In Q1 2025, long-acting sales represented 22% of the total HIV portfolio and contributed 100% of the total HIV growth for that quarter.

Here is the contrast in performance within the HIV segment for Q2 2025:

The legacy portfolio is implicitly the portion of the £1.88 billion Q2 HIV sales that is not driven by the newer, high-growth products like Dovato or the long-acting options.

Established Antibiotics

The established antibiotics portfolio consists of mature anti-infectives in a highly competitive, commoditized market, fitting the Dog profile perfectly. While GSK plc has secured approvals for new antibiotics like Blujepa in Q1 2025, the legacy products are likely cash-neutral or cash-consuming.

The broader market context for off-patent small-molecule drugs suggests low value capture:

• Generics account for an estimated 70-80% of prescription volume in many markets by 2025.
• In the U.S., generics represent approximately 90% of prescriptions but only about 20% of drug spending value.

GSK plc is actively launching new antibiotics, such as Blujepa for uncomplicated urinary tract infections (uUTIs), which signals a strategic pivot away from the low-return, established anti-infectives.

GSK plc (GSK) - BCG Matrix: Question Marks

You're looking at the assets in GSK plc's portfolio that fit the classic Question Mark profile: they operate in markets with significant growth prospects, but their current market share is either nascent or entirely dependent on near-term, high-stakes events. These products are cash consumers right now, funding their path to potential blockbuster status, so you need to watch their investment burn rate versus their regulatory timelines closely.

Blenrep (Multiple Myeloma) represents a prime example of a high-potential asset navigating regulatory uncertainty. After being pulled from the US market previously, GSK secured a new FDA approval on October 23, 2025, for use in combination with bortezomib and dexamethasone (BVd) for patients who have received at least two prior lines of therapy ($\text{3L+}$). This approval, while significant, is more limited than the recent European Union authorization. The clinical data supporting this $\text{3L+}$ use showed a median progression-free survival (PFS) of 31.3 months compared to 10.4 months for the comparator. Prior to this decision, GSK had projected peak sales of £3 billion (about $3.8 billion), though that projection was based on achieving second-line use, which is still under development with data expected in early 2028.

Depemokimab (Asthma/COPD) is another asset where the future market share hinges on a single date. This late-stage biologic, targeting a competitive respiratory market, has a Prescription Drug User Fee Act (PDUFA) decision date from the FDA set for December 16, 2025. If approved for asthma and chronic rhinosinusitis with nasal polyps (CRSwNP), GlobalData forecasts first-year sales to hit $513 million, with sales surpassing $1 billion by 2028, assuming a US launch in the first quarter of 2026. Furthermore, GSK is investing heavily by starting Phase III trials for the COPD program, known as ENDURA, in 2025, signaling a commitment to turn this into a major revenue driver.

The broader pipeline is packed with these potential Stars. GSK executives note progress on 14 key opportunities slated for launch between 2025 and 2031. The sheer scale of these potential products is what defines them as Question Marks today; each one carries a projected peak year sales (PYS) potential exceeding £2 billion. This level of future revenue is what justifies the current cash consumption required for late-stage development and pivotal trials.

In the HIV space, the focus is on next-generation treatments that can further disrupt the market currently served by their existing long-acting injectable regimen. The ultra-long-acting (ULA) HIV regimens, such as the combination $\text{cabotegravir ultra long-acting}$ ($\text{Q4M}$), are slated to enter Phase III development in the second half of 2025. Data presented at CROI 2025 for assets like $\text{VH184}$ and $\text{VH499}$ support these development plans, aiming for dosing intervals beyond the current standard, which is a clear path to capturing greater market share from daily oral therapies.

Here's a snapshot of the financial and clinical milestones defining the risk/reward profile for these Question Marks as of late 2025:

The overall confidence in these pipeline assets is reflected in GSK's revised 2025 guidance, where they now expect turnover growth toward the upper end of the 3% to 5% range, with core operating profit growth projected at 9% to 11%, up from the prior 6% to 8% estimate. This upward revision shows management is betting heavily on these high-growth, high-uncertainty assets converting into future Stars.

You should track the $\text{Q4M}$ Phase III initiation closely, as that is the next major cash deployment decision point for the HIV ULA franchise. Finance: draft $\text{Q4}$ cash flow projection incorporating the potential Q1 2026 Depemokimab launch costs by Friday.